CoinDesk Analysis Team
CoinDesk
Carbonable, a startup that uses the public Ethereum blockchain to track carbon contributions and help prevent greenwashing, has raised $1.2 million in a seed round led by Ethereal Ventures and La Poste Ventures.
Carbonable uses the Ethereum scaling overlay built by Starkware, which is also an investor in the seed round, to keep tabs on the carbon credit lifecycle, from the selection of the projects to the monitoring, issuance and retirement of carbon credits.
It’s rare to hear about someone actually doing something useful with blockchain technology, and the tokenizing, tracking and trading of carbon credits is a steadily growing field of infrastructure growth.
Carbonable, a startup that uses the public Ethereum blockchain to track carbon contributions and help prevent greenwashing, has raised $1.2 million in a seed round led by Ethereal Ventures and La Poste Ventures.
Carbonable uses the Ethereum scaling overlay built by Starkware, which is also an investor in the seed round, to keep tabs on the carbon credit lifecycle, from the selection of the projects to the monitoring, issuance and retirement of carbon credits.
It’s rare to hear about someone actually doing something useful with blockchain technology, and the tokenizing, tracking and trading of carbon credits is a steadily growing field of infrastructure growth.
“This is a very immature market, which has some major flaws at the moment,” said Carbonable co-founder Guillaume Leti in an interview. “There’s a big lack of trust and transparency, as well as an upcoming supply crunch in good quality carbon credits. We enable companies to drive their climate contributions using blockchain as the glue and including other tech like satellite imagery and artificial intelligence.”
The way things currently stand, a consumer simply has no choice but to trust a large company when they claim to be carbon neutral, said Carbonable co-founder Ramzi Laieb.
“The idea for the future is that anyone will be able to audit the mechanism behind a company’s carbon contribution rate,” Laieb said.
All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.
Recommended Content
Editors’ Picks
TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1
TRON, a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked.
XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch
XRP is hovering near $0.53 on Friday, spending nearly all week below $0.55. Ripple CTO David Schwartz addressed concerns on stablecoin and XRP utility on Thursday.
Terraform Labs set to restrict access for users in the US after recent ruling in SEC lawsuit
Blockchain company Terraform Labs said Thursday that it will restrict access to some of its products and services for US-based users as it expects to receive a court order soon in light of its legal battle against the US Securities and Exchange Commission (SEC).
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.